Credit Unions Plan on Scaling Back non-QM Mortgages

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Posted To: MND NewsWire

Nearly half of members responding to a National Association of Federal Credit Unions survey say they are already planning to drop loans from their product line that do not meet Qualified Mortgage (QM) guidelines. Members were asked about a range of impacts anticipated under new Dodd-Frank Act rules being implemented by the Consumer Financial Protection Bureau in a survey conducted for the May Economic and CU Monitor. Respondents said they were getting a head start on complying with the new Ability-to-Repay/QM mortgage rule. A large majority, 92.9 percent, said they have seen regulatory burdens rise under the rule and 88.1 percent reported increasing compliance costs. If the regulatory and compliance issues under Dodd-Frank did not exist, 71.1 percent of the respondents said they could offer...(read more)

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Source: http://www.mortgagenewsdaily.com/05152013_qualified_mortgages.asp

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